by yncuniversity | Feb 5, 2025 | Fraud Prevention
BEWARE OF THE DEBIT CARD THEFT SCHEME
February 5th, 2025
A troubling new theft scheme is making the rounds. Criminals are watching unsuspecting victims as they enter their PINs at ATMs or while making in-store purchases. Once the thief has seen the PIN, they execute a plan to deceive you to allow them access to the card in some way.
Here’s how the scheme works:
- Surveillance: The thieves position themselves in a way that allows them to view your PIN entry, either at an ATM or while making a purchase.
- Steal the Card: They then either take the card from your purse/wallet or pickpocket it when you’re distracted.
- Use the Card & PIN: With both the card and the PIN in hand, they can withdraw money or make purchases without any suspicion.
How to protect yourself:
- Shield your PIN – Always cover the keypad when entering your PIN at an ATM or point of sale.
- Stay aware of your surroundings – Look around to ensure no one is too close when you’re using your card.
- Use FLASH/mobile payments: Whenever possible, use FLASH (Tap) or mobile wallets like Apple Pay or Google Pay, which don’t require entering a PIN.
- Monitor your accounts: Keep an eye on your bank statements and transaction history for any unauthorized activity.
- Alert your bank immediately – If you believe your card or PIN has been compromised, you can report your card as lost/stolen by calling your financial institution immediately.
Stay safe out there and be vigilant when using your debit or credit cards!
YNCU members, if you know, or think your card or pin has been compromised, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501. Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!
by yncuniversity | Jan 21, 2025 | Fraud Prevention
THE CRUCIAL ROLE OF REGULARLY UPDATING INFORMATION
January 22, 2025
In the fast-paced world of modern finance, where technological advancements and changing circumstances are constant, maintaining up-to-date information with your credit union is not just a formality but a crucial part of responsible financial management.
At YNCU, protecting our members is our top priority. To enhance security and reduce the risk of fraud, we will regularly ask members to update and verify their personal information. Keeping your details current helps us safeguard your accounts and provide secure, reliable service.
Here’s why regular updates with your financial institution are of paramount importance:
Security and Fraud Prevention
Keeping your contact details, such as phone numbers and email addresses, current with your credit union ensures that we can promptly reach you in case of any suspicious activity on your accounts. Timely communication is vital for preventing and addressing potential fraud, identity theft, or unauthorized transactions.
Effective Communication
Financial institutions often rely on electronic communication for various purposes, including account statements, transaction alerts, and important updates. If your contact information is outdated you may miss critical messages, leading to potential misunderstandings, missed payments, or overlooked opportunities.
Account Verification and Access
Regularly updating your personal information helps streamline the account verification process. In cases where you need assistance or access to your account, accurate details such as address, phone number, occupation/employer, and email become essential. This ensures a smoother experience when interacting with your credit union.
Compliance with Regulations
Financial institutions are obligated to comply with regulatory requirements, including customer identification and verification procedures. Keeping your information current helps your credit union fulfill these legal obligations, ensuring a transparent and accountable financial system.
Efficient Service Delivery
Updated information enables financial institutions to provide better and more efficient services. Whether it’s processing loan applications, issuing new cards, or resolving account-related issues, having accurate details ensures a quicker and more precise response from your credit union.
Emergency Situations
During unforeseen events, such as natural disasters or emergencies, banks may need to reach out to their customers quickly. Updated contact information is crucial in such scenarios to convey important instructions, offer support, or provide information about service disruptions.
Changes in Personal Circumstances
Life is dynamic and circumstances change. If you move to a new address, change your phone number, change jobs, or update your email, informing your bank ensures that your financial records align with your current situation, preventing potential complications.
Access to Modern Banking Features
Banks frequently introduce new technologies and services to improve customer experience. Updating your information ensures you have access to the latest features, whether it’s mobile banking, online transactions, or digital security enhancements.
Information that should be regularly updated include the following:
- Name change
- Address
- Phone Number(s) – think of both landline and mobile
- Email address (es)
- Valid Photo Government Issued ID and expiration date
- Occupation and Employer
In conclusion, maintaining accurate and up-to-date information with your financial institution is not just a matter of compliance but a proactive step towards securing your financial well-being. It contributes to a smoother, more secure, and efficient banking experience, ultimately empowering you to manage your finances responsibly in an ever-evolving financial landscape. Regularly reviewing and updating your information is a small yet impactful way to stay in control of your financial situation and financial safety.
YNCU members, if you know, or think you are a victim of a scam, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.
Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!
by yncuniversity | Jan 6, 2025 | Financial Literacy, Investing, Saving
Reminders For Your 2025 Finance Journey
January 6th, 2025
The new year offers the perfect opportunity to refresh your financial approach, set meaningful goals, and pave the way for a stronger financial future in 2025. While creating a budget, building savings, managing debt, and investing wisely are common steps, here are a few additional tips to help you make the most of your financial journey this year:
Create a Financial Calendar
If you don’t trust yourself to remember to pay your quarterly taxes or periodically pull a credit report, think about setting appointment reminders for these important money to-dos in the same way that you would an annual doctor’s visit or car tune-up.
Regularly Reassess Goals
Review and adjust goals every quarter or after significant life events. Do not forget to celebrate milestones to stay motivated.
Review Financial Products
You may be satisfied with the products you are currently using with your financial institution, but it is always best to check for better rates on insurance, loans, or credit cards. Also investigate maximizing benefits from cashback or rewards programs.
Check Your Interest Rate
Which loan should you pay off first?
A: The one with the highest interest rate!
Which savings account should you open?
A: The one with the best interest rate that also aligns with your savings goals.
Paying attention to interest rates will help inform you which debt or savings commitments you should focus on.
Track Your Net Worth
Your net worth—the difference between your assets and debt—is the big-picture number that can tell you where you stand financially. Keeping an eye on it can help keep you apprised of the progress you’re making toward your financial goals—or warn you if you’re backsliding.
Invest Strategically
Review your investment portfolio for diversification and risk alignment. Take advantage of tax-advantaged accounts like RRSP or TFSA. Stay informed about market trends but avoid knee-jerk reactions to volatility.
Start Planning for Your Retirement
A Registered Retirement Savings Plan (RRSP) is a cornerstone of financial planning for Canadians aiming to secure their retirement. An RRSP offers valuable benefits, including reducing your current tax burden, achieving compound growth over time, and providing flexible contribution room. YNCU’s RRSP options are well worth exploring to help you reach your financial goals.
Stay Educated
Keep learning about personal finance topics through books, podcasts, or online courses. Platforms such as YNCUniveristy provide free and accessible financial literacy resources designed to benefit you. For more complex financial planning, don’t hesitate to seek professional advice when needed.
YNCUniversity is here for all your financial literacy needs. Need one-on-one help? We got you! Reach out to our advisors. Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!
by yncuniversity | Dec 18, 2024 | Financial Literacy
The Social Media Effect: A New Christmas Shopping Saga
December 18, 2024
The holiday season has always been synonymous with the spirit of giving, but as we scroll through our social feeds, it seems the way we spend during Christmas has taken on a new form. Social media, an ever-present force in our lives, has subtly shifted our holiday shopping habits, and it’s worth unwrapping this phenomenon to understand how.
Unwrapping the Influence of Social Platforms
Once upon a time, Christmas shopping was a predictable affair: advertisements in newspapers, commercials on television, and the occasional word-of-mouth recommendation. Fast forward to today, and you’ll find that social media platforms have become the new marketplace where desires are born and decisions are made. Here’s how:
- Peer Pressure in Pixels: As we see friends and influencers showcasing their festive splurges, we’re often nudged towards similar or even more extravagant purchases.
- Targeted Temptations: Thanks to algorithms, our feeds are tailored to show us products we’re likely to fancy, making impulse buys all the more common.
- Hashtag Holidays: Campaigns like #SecretSanta or #ChristmasCountdown create a buzz that’s hard to ignore, often leading us to join in on the spending spree.
The Wallet’s Whisper: How Spending Habits Have Shifted
It’s not just about buying more; it’s about buying differently. Social media has introduced us to a world of niche markets and bespoke gifts. We’re no longer satisfied with off-the-shelf items; we crave personalized experiences and unique finds that scream thoughtfulness. Moreover, the ease of online transactions means our money can fly out of our wallets with just a few taps on our screens.
The Emotional E-commerce Exchange
Let’s not overlook the emotional component. Social media has a knack for amplifying the ‘feel-good’ factor of gifting. When we share our generous gestures online and receive likes and comments, it reinforces the joy of giving, sometimes spurring us on to spend even more in pursuit of that digital nod of approval.
Navigating the Festive Frenzy with Financial Savvy
So, how do we embrace the positives of social media-inspired spending while keeping our bank accounts from freezing over? It’s all about balance:
- Set Boundaries: Decide on a budget before you dive into the digital bazaar.
- Quality Over Quantity: Invest in meaningful gifts rather than getting swept up in quantity-driven deals.
- Social Media Detox: Consider limiting your screen time to reduce the temptation to splurge.
Striking a Merry Medium
As we hang our stockings by the chimney with care, let’s also hang onto our financial well-being. Social media will continue to shape our spending habits, but with a dash of self-awareness and a sprinkle of restraint, we can enjoy the festive cheer without the New Year fear of credit card tears.
YNCUniversity is here for all your financial literacy needs. Need one-on-one help? We got you! Reach out to our advisors. Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!
by yncuniversity | Dec 10, 2024 | Fraud Prevention
Keeping Your Finances Safe this Festive Season
December 10, 2024
As the hustle and bustle of the holiday season arrives, many of our members will experience a short-term change in their spending habits. Many of us are spending more at places where we may not usually shop, and we may not be as diligent with our finances as we are the rest of the year due to the business of the season. We are also susceptible to more scams, like those listed below.
Online Shopping is where we are at the highest risk because this is often such a big part of our holiday spending. The most common things we suggest watching out for are:
- Fake websites
- Fake product listings
- Fake shipping notifications
- Parcel redelivery or delivery delay scams
- Fake event tickets being sold
Charity Scams also ramp up this time of the year as the giving spirit is upon us. These may look like:
- Fake charities
- Fake donation requests
- Crowdfunding scams
Confidence Scams work by exploiting your social or parasocial (“one-sided relationships, where one person extends emotional energy, interest and time, and the other party, the persona, is completely unaware of the other’s existence.”) relationships to trick you into giving up information or money. Keep an eye out for:
- Fake contests and giveaways
- Impersonation scams: family/friends or celebrities
- Phishing for gift cards
- Fake travel or timeshare scams
Romance Scams also spike around the holidays, as they take advantage of the loneliness some might experience during the holidays.
Skimming is something to always be aware of. We urge you to check that there is not anything added onto the chip reader of a machine you are using. They can be added quickly, and we are more likely to miss them as we are rushing to get the shopping done.
How to Protect Yourself:
- Verify websites: Always double-check URLs and look for secure payment methods when shopping online (e.g., secure payments via PayPal or credit card).
- Navigate to websites independently: Rather than clicking a link, we suggest navigating to the website by typing in the website address to avoid malicious links.
- Watch out for suspicious emails: Be cautious of unsolicited emails, especially those claiming to be from well-known retailers, delivery services, or charities.
- Do not share personal information: Never share sensitive personal information (like gift card details or bank account information) unless you are sure the request is legitimate.
- Use credit cards: For online purchases, use credit cards with fraud protection rather than debit cards, which might be harder to recover funds from.
- Research charities: Before donating, research organizations to ensure they are legitimate. Websites like this one provided by the Canadian Government, can help verify nonprofits.
- Avoid high-pressure requests: Scammers often create a sense of urgency, but legitimate businesses and family members will not demand immediate financial help, especially through gift cards.
Don’t let these fraudsters turn your festive season into a finance nightmare. Stay vigilant!
YNCU members, if you know, or think you are a victim of a scam, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.
Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!
